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The floppening? Ethereum price weakens post-Merge, risking 55% drop against Bitcoin
Ethereum’s native token Ether (ETH) has been forming an inverse-cup-and-handle pattern since May 2021 on the weekly chart, which hints at a potential decline against Bitcoin (BTC). ETH/BTC weekly price chart featuring inverse cup-and-handle breakdown setup. Source: TradingView An inverse cup-and-handle is a bearish reversal pattern, accompanied by lower trading volume. It typically resolves after the price breaks below its support level, followed by a fall toward the level at a length equal to the maximum height between the cup’s peak and the support line. Applying the theoretical definition on ETH/BTC’s weekly chart presents 0.03 BTC as its next downside target, down around 55% from Sept. 16’s price. Can ETH/BTC pull a Dow Jones? Alternatively, the ...
Bitcoin better than physical property for commoners, says Michael Saylor
MicroStrategy CEO and Bitcoin (BTC) advocate Michael Saylor doubled down on his support for Bitcoin as he explained the issues related to transferring the value of physical properties such as gold, company stocks or equity and real estate during the Australia Crypto Convention. Speaking about the underlying proof-of-work (PoW) consensus mechanism, Saylor highlighted that Bitcoin is backed by $20 billion worth of proprietary mining hardware and $20 billion worth of energy. He then pointed out that traditional assets such as gold (in high quantity) and land are nearly impossible to carry forward across geographical boundaries, adding: “If you have a property in Africa, no one’s gonna want to rent it from you if they live in London. But if you have a billion dollars of Bitcoin, yo...
Beyond the NFT hype: The need for reimagining digital art’s value proposition
With cryptocurrency prices wavering this year, nonfungible tokens (NFTs) and other sub-ecosystem investors have also found themselves in the grips of a bear market. However, looking beyond the trading value of Ether (ETH), NFTs were primarily created to represent assets and ownership in the real and virtual world. The bear market, as a result, has reignited discussions around how NFTs can backtrack and focus on attending to use cases while the market recovers. In a conversation with Cointelegraph, Tony Ling, the co-founder of analytics platform NFTGo, shared insights into the NFT ecosystem, revealing the expected trajectory of the ecosystem. Cointelegraph: NFTs’ rise to mainstream popularity is often attributed to the various real-world use cases it can and has solved. What is your take on...
Tiktok Owner ByteDance Offers to Buy Back $3B in Outstanding Shares
TikTok owner ByteDance Ltd. could spend as much as $3 billion to buy back shares from investors after the company scrapped its plans to go public this year, the Wall Street Journal reported on Friday, citing a memo sent to ByteDance investors. The China-based company offered to repurchase investors’ existing shares for up to $176.94 per share, a move that would value ByteDance at close to $300 billion, much higher than previously reported, according to the WSJ. While the company did not provide a reason for the share repurchase in its memo, the move would provide liquidity to some of its long-term shareholders, offering some recompense for the scrapped IPO plans, the WSJ reported. ByteDance indefinitely shelved plans for an initial public offering in the U.S. or Hong Kon...
Data challenges the DXY correlation to Bitcoin rallies and corrections ‘thesis’
Presently, there seems to be a general assumption that when the U.S. dollar value increases against other global major currencies, as measured by the DXY index, the impact on Bitcoin (BTC) is negative. Traders and influencers have been issuing alerts about this inverse correlation, and how the eventual reversal of the movement would likely push Bitcoin price higher. Analyst @CryptoBullGems recently reviewed how the DXY index looks overbought after its relative strength index (RSI) passed 78 and could be the start of a retrace for the dollar index. This is literally the only thing you need to look at: The $DXY is crazy overbought right now and due a correction. $BTC is the most oversold it ever has been on the monthly timeframe. BITCOIN AND THE DOLLAR SHARE AN INVERSE CORRELATION. $BTC will...
US Treasury publishes laundry lists of crypto risks for consumers, national security
The United States Treasury Department released three publications related to digital assets Friday, in response to U.S. President Joe Biden’s Executive rder “Ensuring Responsible Development of Digital Assets.” One of them focuses specifically on crypto assets, and a shorter action plan looks at countering illicit finance risks. The discussion of crypto assets in “Crypto-Assets: Implications for Consumers, Investors, and Businesses” takes a cynical tone from the beginning, with the introductory paragraphs of the report stating: “The potential for blockchain technology to transform the provision of financial services, as espoused by developers and proponents, has yet to materialize.” About half of the report is a descriptive survey of crypto assets, after which the authors turn to the...
Binance partners with Ukrainian supermarket chain to accept crypto through Pay Wallet.
Binance announced Friday that it has partnered with the Ukrainian supermarket chain VARUS, saying it will enable cryptocurrency payments for grocery purchases through its Binance Pay Wallet. The grocery store is one of the largest companies in Ukraine with over 111 stores across 28 cities in the country. The company said that this partnership will allow its customers to access instant cryptocurrency payments and fast delivery in 9 cities in Ukraine, namely; Kyiv, Dnipro, Kamianske, Kryvyi Rih, Zaporizhzhia, Brovary, Nikopol, Vyshhorod, and Pavlograd. The companies have also announced a “reward fund promotion”, where customers who order anything from the VARUS Delivery program worth over UAH 500 and pay with Binance Pay, will be rewarded with UAH 100. A month ago, a Ukrainian POS...
White House OSTP department analyzes 18 CBDC design choices for the US
As directed by the President of the United States, Joe Biden, the Office of Science and Technology Policy (OSTP) submitted a report analyzing the design choices for 18 central bank digital currency (CBDC) systems for possible implementation in the US. The technical analysis of the 18 CBDC design choices was made across six broad categories — participants, governance, security, transactions, data and adjustments. The OSTP foresees technical complexities and practical limitations when trying to build a permissionless system governed by a central bank, adding: “It is possible that the technology underpinning a permissionless approach will improve significantly over time, which might make it more suitable to be used in a CBDC system.” However, the analysis assumed there is a central authority ...
The Ledger: Spotify Beats SXM Media to Top Podcast Network Rankings
The Ledger is a weekly newsletter about the economics of the music business sent to Billboard Pro subscribers. An abbreviated version of the newsletter is published online. With the help of ratings juggernaut Joe Rogan, Spotify topped SXM Media — just barely — in Edison Research’s Q2 2022 podcast network rankings, covering April 1 to June 30, after taking the runner-up position the previous two quarters. The streaming company has made Rogan’s podcast, The Joe Rogan Experience, a cornerstone in its efforts to expand the audio platform beyond its music roots. If Rogan’s role was to help make Spotify a podcast leader, he accomplished his mission. “Rogan is not the only reason they’re no. 1, but he’s the main reason,” says Edison Research president Larry Rosin. For all the c...
What’s next for Bitcoin and the crypto market now that the Ethereum Merge is over?
The Ethereum Merge came and went, leaving investors to ponder what the next trending development in the market could look like. In a Cointelegraph Twitter Space with Capriole founder Charles Edwards, the analyst mentioned that excitement over the Ethereum Merge and its bullish price action had somewhat been holding up hope across the market. Now that the event has come and gone, the crypto market has been selling off, with Bitcoin’s (BTC) price trading below $20,000 and Ether’s (ETH) under $1,500. Eventually, new narratives and market trends will emerge, and if the fundamentals are right, traders will rotate funds as these new leaders emerge. Let’s take a look at a few potential trends. Where will the former ETH miners go? The Ethereum network successfully shifted to a proof-of-stake...
Sports Metaverse company secures $200 million funding
Sports Metaverse startup LootMogul secured a $200 million investment commitment from Gem Global Yield, providing the company a share subscription facility of up to $200 million for a 36-month term following an equity exchange listing. The company said that the funding is expected to boost the development of LootMogul’s metaverse focused on sports games, including “building meta (virtual) sports cities around the world with real-world benefits, brands & professional athletes on a true cross metaverse & blockchain (multichain) platform on multiple devices such as Oculus, HoloLens, Web, Mobile & Console,” explained the company in a statement. The deal will allow LootMogul to withdraw funds by issuing equity shares to GEM without a minimum drawdown obligatio...
DOJ publishes second report on EO digital asset crime, announces new expert network
The United States Department of Justice (DOJ) published its latest report in response to President Joe Biden’s March executive order (EO) on the development of digital assets on Sept. 16. At the same time, it announced the formation of a new Digital Asset Coordinator Network (DAC) “in furtherance of the department’s efforts to combat the growing threat posed by the illicit use of digital assets to the American public.” The report, titled “The Role of Law Enforcement in Detecting, Investigating, and Prosecuting Criminal Activity Related to Digital Assets,” complements its June report on international law enforcement cooperation. The new report characterizes digital asset criminal exploitation, with particular attention to nonfungible tokens (NFTs) and decentralized finance (DeFi) and goes o...
